MANILA, Philippines—The main local stocks index closed at a new record high of 5,832.83 in thin post-Christmas trade on Wednesday, marking its 38th record close for 2012.

The Philippine Stock Exchange index added 8.89 points, or 0.15 percent. It hit as high as 5,855.26 in intraday trade, moving closer to the market’s record peak of 5,866.83 posted last Dec. 13.

“The recent slew of good news triggered by the economy’s stellar performance and S&P’s recent credit outlook upgrade has resulted in a continued post-Christmas rally,” PSE president and chief executive officer Hans Sicat said.

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“This is not good. Prices should come down a bit so more local investors can buy,” said Gus Cosio, president of mutual fund management firm First Metro Asset Management.

There were 92 advancers versus 60 decliners while 51 stocks were unchanged at the stock market.

Value turnover was thin at P3.49 billion as many investors were still on extended Christmas holiday break.